Frequently Asked Questions

Life assurance provides protection in the event of death in the form of payment to the beneficiary. This enables such beneficiaries to maintain their lifestyles as they were before the demise of the policy holder.

Old Mutual products are suitable for everyone; you need to choose depending on your current needs. An Old Mutual sales agent will assist you in doing a financial needs analysis and will recommend products that are suitable for you at every stage of your life. The products can be one or more of the following Benefits: Regular Premium Death (term or whole life), Savings (Regular or Single), Accidental Death or Disability, Severe Illness, Physical Impairment, Retirement (Regular or Single), and Premium Protection on Death or Disability Riders.

Our experienced sales agents will take you through financial planning to understand your current situation and your needs before advising on the Life Products most suitable for you. They will assist you in applying for the Benefits you need.

The best time to invest in the Greenlife contract is now. The reason for this is that the contract is unit-linked. Units in this case act in the same way as shares do for other products on the market. What this means is that any premium contributed is used to buy units and any change in the unit price affects the growth of funds. The funds are protected from the eroding effects of inflation by annual increases of both cover and contributions in proportion to the increases in the rate of inflation.

The return is a function of the investment performance which varies from time to time. The rate of return is therefore not guaranteed.

You can contact your nearest Old Mutual sales agent or visit the Old Mutual Offices in Blantyre and Lilongwe, or call +265 (0) 1 820677 (Blantyre) and +265 (0) 1 773522 (Lilongwe).

Yes, a policy can be used as security for loans applied for, especially with banks.

Yes, a policy can be used as security for loans applied for, especially with banks. The policy is ceded to the bank until the loan is repaid, after which, it is receded back to the policy holder.

People of all ages (including babies and children) are eligible for Regular and Single Premium Savings Benefits. For the rest of the Benefits, everyone from 15 years to 55 or 65 years is eligible, depending on the chosen Benefits.

Claims occur at the point where the policy matures or upon a death claim or surrenders. Maturities will be initiated by the company while death claims and surrenders are initiated by the policy holders.

Claims are subject to the contribution of all due premiums, submission of the policy document, proof of ownership (with the onus being on the claimant), proof of death on a death claim and proof of age of the deceased.

Claims underwriting involves establishing that the cause of death is covered under the policy and that the right amount is paid to the right person.

The claims process involves:

• Receiving of claims notification
• Receiving notification from the client on the need to pay out
• Receiving the supporting documents from the claimants
• The claims assessment
• Notification of admission or not of the claim
• Payment

You may contact Old Mutual with details of the claim in the following situations:

• When a policyholder has died and you are in possession of the documents either as a close relative or administrator of the deceased estate.
• If you are the policy holder and would like to part-disinvest or fully disinvest.

The following documents are essential for claims processing:

• the policy document
• proof of title (i.e. proof that the claimant is the legal owner of the policy and entitled to its benefits; the onus of proof is on the claimant)
• proof of death on a death claim
• proof of age of the deceased if it is a death claim

Keep your documents safe and easy to access at all times to ease the processing of claims. The policy document forms the basis of your contract therefore if it is lost or destroyed you should contact your Old Mutual sales agent or any of our offices as soon as possible.